Pi Network Bears Eye a Potential Dip to $0.40

Pi Community plunged by double digits over the previous week, even because the broader crypto market exhibits indicators of restoration. The altcoin’s market cap dropped to $4.1 billion, as PI continues to see intense promoting strain.

With bearish strain intensifying, the token might quickly revisit its all-time low close to $0.40.

PI Dangers Deeper Drop

Regardless of some energy throughout the broader market, investor sentiment towards PI stays weak, with technical indicators suggesting that its price decline might proceed.

The Relative Strength Index (RSI), a key momentum indicator that tracks an asset’s overbought and oversold market circumstances, continues to drop, indicating falling demand and rising promoting strain.

At press time, PI’s RSI is in a downtrend at 39.78. This RSI studying signifies weakening momentum and positions the token simply above oversold territory, suggesting continued promoting strain might set off additional losses.

Moreover, Pi Community’s on-balance quantity (OBV) has additionally decreased, pointing to declining accumulation and lowered purchaser curiosity. This indicator is at -1.26 billion at press time, falling by 15% prior to now week.

The OBV measures shopping for and promoting strain by monitoring quantity circulate relative to cost actions. When OBV falls like this, extra quantity is tied to promoting than shopping for. This means weakening investor confidence and potential for additional value declines.

PI Token Dangers Retesting All-Time Low

PI’s plummeting Chaikin Cash Circulate (CMF) helps the bearish outlook above. At press time, this indicator, which tracks how cash flows into and out of an asset, is beneath the zero line at -0.15.

This destructive studying displays the energy of the sell-side strain within the PI spot markets. If this development persists, PI might revisit its all-time low of $0.40.

Nonetheless, a bullish reversal within the present development might propel PI’s value to $1.01.